2018 Budget Set for 29th October

BUDGET 2018

Phil Avoids Halloween Nightmare with a break from tradition

The traditional day for a Budget is Wednesday, this year however, the Chancellor Philip Hammond will deliver his Budget on a Monday.

Whilst the Treasury deny all claims that the switch in days is to avoid the nightmare scenario of Spreadsheet Phil delivering his Budget on Wednesday 31st October that just happens to be Halloweens; we suspect that it was a consideration.

HORRORS

Can you imagine the mileage that the press would get from any Horrors revealed by Phil.

Accordingly, the Chancellor of the Exchequer, Philip Hammond, has announced that the government will publish its next Autumn Budget on Monday 29 October 2018, leaving only four weeks for preparation

This comes after weeks of speculation of when this year’s Budget speech would be delivered.  After much stalling Phil has finally released the date.

At the Autumn Statement in late December 2016, the Chancellor announced that the government were to move to a single major fiscal event each year, pointing out that the UK is the only major advanced economy to make major changes to the tax system twice a year.  Therefore following the Spring Budget in 2017, the government moved to a single fiscal event in autumn.

The Budget was originally expected in late November or early December, but the Chancellor has pushed forward his annual Budget to avoid Brexit discussions. There were concerns about whether Brexit talks and possible deals could effect any announcements in the Autumn Budget.

This year’s Budget is to be earlier than usual to avoid clashing with the final stage of Brexit negotiations in November.

The date of the Budget, 29 October, also fits in with ministers’ availability and official data releases, a Treasury spokesman said.

The Budget will also be a week after a high profile Brussels Brexit summit.

Mr Hammond gave the date in a tweet, saying the government’s approach to the economy was “getting debt falling”.

If you want to learn more contact Paul Southward.

Paul Southward